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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
+49.7%
CA$19.88
vs CA$13.28 price
Levered DCF
CA$20.66
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
4.62
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E18.82×14.06×15.15×13.75×14.97×28.04×16.76×16.63×
P/B6.1×3.11×4.03×3.62×4.65×4.02×3.92×3.67×
P/S2.34×1.66×2.06×1.94×2.43×3.43×2.65×2.93×
EV / EBITDA11.5×7.44×8.74×8.94×9.95×17.46×10.09×10.2×
Gross margin59.3%59.5%58.8%59.0%57.9%58.2%56.9%57.1%
Operating margin17.0%16.2%16.6%20.6%21.5%21.2%20.4%22.6%
Net margin12.4%11.8%13.6%14.1%16.3%12.2%15.7%17.6%
Current ratio1.63×2.14×2.01×2×1.97×2.61×2.85×3.55×
Debt / equity0.07×0.07×0.09×0.12×0.12×0.09×0.1×0×
Interest coverage58.26×51.88×63.22×25.19×38.75×42.63×48.28×133.17×
Dividend yield11.3%7.2%5.5%6.4%12.2%3.5%10.8%4.2%
Payout ratio213.7%101.1%83.5%88.1%182.9%98.7%181.2%70.7%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity32.3%22.2%26.7%26.3%31.1%14.3%23.3%22.1%
Return on invested capital29.2%20.4%21.5%25.0%27.0%17.0%20.5%21.0%
Return on assets15.1%12.7%14.5%14.7%17.0%9.2%15.5%16.7%
Free cash flow yield4.8%11.0%12.7%5.4%5.9%7.8%8.6%5.9%
Earnings yield5.3%7.1%6.6%7.3%6.7%3.5%5.9%6.0%
Enterprise valueCA$1.2BCA$741MCA$997.6MCA$896.5MCA$1.1BCA$1.1BCA$1.1BCA$1.2B
Net debt / EBITDA-0.05×-0.93×-0.55×0.16×-0.07×-1.33×-0.41×-0.89×
Cash conversion cycle (days)259268315360327323294307